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National & World Ag News Headlines |
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Senate, House Approve Fiscal 2023 Budget Bill
USAgNet - 08/15/2022
The Senate and House this week approved a scaled-back fiscal 2023 budget reconciliation measure — known as the Inflation Reduction Act — that includes funding for health care, climate and energy initiatives, and the Farm Bill. The $370 billion bill also
includes a new 15% corporate minimum tax for businesses with profits in excess of $1 billion.
For agriculture, the budget measure has $19.5 billion for Farm Bill conservation programs, including the Environmental Quality Incentives Program, Regional Conservation Partnership Program, Conservation Stewardship Program, and Agricultural Conservation
Easement Program, and for conservation technical assistance, and a carbon sequestration and greenhouse gas emissions quantification program.
The legislation is less than a quarter of the size of the budget bill passed last year by the House. Opposition from Sen. Joe Manchin (D-W.Va.) and Senate Republicans to many of the tax-and-spend provisions in that $1.6 trillion House measure, including for
non-corporate taxpayers an expanded Net Investment Income Tax and an expanded and extended limitation on “excess” business losses, stalled Senate action on a reconciliation bill for the past several months.
In July, as the Senate considered its budget bill, NPPC joined nearly 200 agriculture and business organizations representing family-owned and small farms and companies in voicing opposition to the tax law changes in the House legislation. The lower chamber approved the smaller Senate bill.
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